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CNBC has learned that the Hollywood Country Club in Deal, New Jersey is examining whether Bear Stearns [BSC
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] ceo Jimmy Cayne changed his golf scores to allow him to win the July 4th tournament at the club.
Cayne's golf-game had made news earlier in the month after news reports said he had gone on a golf outing during some of the worst days in Bear's subprime hedge fund crisis.
The Hollywood Golf Club president Harvey York has formed a three person committee to examine a complaint against Cayne, according to CNBC reporter Charlie Gasparino.
Gasparino spent some time on the phone Friday with York to gauge the seriousness of the allegation.
He told Gasparino that allegations of cheating occur all the time. York said the committee has thus far found no confirmation of cheating on Cayne's part.
"What's different with this case? The guy is a public figure," said York.
Gasparino reported on CNBC that "this is a single allegation. I've known Cayne for a long time, he's a straight up guy. But the long knives are coming out against him because of his troubles at Bear Stearns."
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